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bagofXMR
Sep 19, 2017 9:23 AM

Rising wedge broke down: target 3200 Short

COINBASE:BTCUSD240
Bitcoin / United States DollarCoinbase

Description

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We bounced off trendline back down and broke the rising wedge. This should lead to a drop back to 3200, potentially revisiting bottom below 3000

Comment

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Ideal entry would be 3985

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I adjusted the lines of the wedge a bit, check it

Target would be 3250

Comment

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trustnodes.com/2017/09/19/china-bans-bitcoin-executives-leaving-country-miners-preparing-worst
Things are getting ugly, china ban might be total.
Wsj also suggests all bitcoin transactions are no illegal and that the gov. will block blockchain sync

Comment

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4055 is a key level in the next hours

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I like this fractal. Could play out.
As the wedge points down to 3250, closing at 3475 could be a good idea.

By the way, more doom rumours
twitter.com/bitcom21/status/910579544897200128

China could potentially "kill" mining by either completely banning any form of crypto-fiat trading or even by seizure of mines

Comment

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We are breaking the support, if we finally break it, 3475-3500 should happen real fast.

Comment

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Potential bear flag pointing to 3475 support

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We are on our way to target 1, should happen in the next hours

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3814 level held and we are heading down again

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Potential and most likely scenario
Trend Analysis
Comments
etiennez0r
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3200's sounds more consistent than 3400's
etiennez0r
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i think it wont bounce in 3400, going directly for 2900's
bagofXMR
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@etiennez0r, i hope so!
nofootprint
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I see stronger resistance from this point.
snatly
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Nice analysis, watching these levels closely myself too.
mozartc
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I believe there will be a big sale, to the point of throwing the bitcoin down. I really hope this happens. will be unique opportunity for purchase. then we would have a geometric progression until next to segwit2x
CocoChen
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sorry , if drop to 3200, why entry in 3985, then lose money? sorry, i am newbie
bagofXMR
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@CocoChen, This trade is a short sell, meaning i profit from the price moving down.
Short selling is borrowing an asset (bitcoin in this case) and selling it with the intention to buy it lower and pocket in the price difference as profits.
CocoChen
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@bagofXMR, thank you
guptasta123
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@CocoChen, he means sell at 3985 buy back at 3200 so that's how to make profit
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